Reward your employees and reap the benefits

An employee recognition programme is a great way to thank employees for their hard work, innovative ideas and years of service. While an employee rewards programme is generally well received, it’s actually more beneficial to the person/company in charge who is offering the rewards.

Companies reap big benefits by using an employee rewards programme. A well-executed reward program will;

Open the lines of communication

Verbal recognition is a good way to engage in conversation with employees and set the tone for a positive relationship.

Develop trust

Trust is a key issue between managers and their employees. Implementing a rewards system lets your employees know how much you value them and tells them their hard work isn’t going unnoticed.

Encourage loyalty

There’s nothing better than a loyal employee. Employees are more likely to work extra hours, go above and beyond the call of duty and exceed expectations when they know they are appreciated.

Improve your company’s image and reputation

An employee that is happy with his or her company speaks highly of them, even in the presence of friends and strangers. Employees are more likely to promote your business and say good things if they feel like a valued part of the team.

Boost morale

It’s hard to get excited about a boring job that you’ve been doing for years. When management only passes along complaints, it makes the situation even worse. Employees stop caring as much and just put in their time. Developing and using a recognition program helps ease the boredom and gives them a reason to stay motivated.

Improve your bottom line

You can actually create a more productive work environment that makes more money by using a rewards system. Employees with a stronger work ethic and more responsibilities who act as positive ambassadors of the business create a win-win situation.

Reduce turnover

Minimize expenses associated with hiring and training new employees.

Reinforce good behaviour

Instead of criticizing, try reinforcing good behaviour. A sincere “thank you” or a small reward for a job well done is appreciated and encourages employees to repeat the good behaviour.

What awards and rewards?

The most commonly used awards include length of service, above-and-beyond service and peer-to-peer recognition. Use these as a starting point when developing your own rewards system, but don’t forget to use daily, weekly and monthly cues to reward employees. Verbal praise, a mention in the company newsletter or a staff luncheon go a long way in building morale and keeping people motivated.

Reaping the benefits

While using an employee recognition program is an often overlooked management technique, it does have real benefits. The benefits go far beyond the prizes or recognition awarded to individuals in the company. It sets an example for other employees to do a good job as well. The climate of the workplace changes as feel like a valued team member and strive to meet and exceed expectations to receive more recognition.

Invest in your business future

A knowledgeable manager sees an employee recognition program as an investment rather than an expense. Companies end up saving money by investing in the long term future of their employees. Less money is needed to bring on new employees and their years of experience with your particular company will pay off in the long run. Giving them some incentive to work harder and letting them know that they are an intricate part of the company makes it a place they want to stick with over time.

We’d love to hear what you think about employee rewards, both as an employee and as an employer. What works for you? let us know in the comments section below.